Banks in New Orleans - New Orleans, LA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: May 14, 1867
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 9ae04215

Response Measures

Full suspension

Other: Multiple banks involved; Comptroller/treasury intervened and closures announced.

Description

Article reports the Comptroller closed the U.S. Sub-Treasury and the 1st National Bank in New Orleans, causing runs on all banks and a suspension of the City National Bank. Multiple banks are discussed (1st National, U.S. sub-treasury, City National), so the precise target bank is ambiguous; I focus on the City National Bank which is explicitly reported suspended. No information in the excerpt about reopening or permanent closure.

Events (2)

1. May 14, 1867 Suspension

Cause: Government Action
Cause Details: Suspension occurred amid the panic triggered by the Comptroller's closing of the U.S. Sub-Treasury and the 1st National Bank and announced heavy defalcations.
Newspaper Excerpt: The City national Bank suspended this evening.
Source: newspapers

2. May 15, 1867 Run

Cause Details: Run provoked by closing of the U.S. Sub-Treasury and the 1st National Bank by the Comptroller, and reported heavy defalcations; panic/nervousness across New Orleans banking community.
Newspaper Excerpt: This excitement has caused a run on all the Banks and a very stringent money market. The Bank and Treasury have been surrounded by a crowd all day.
Source: newspapers

Newspaper Articles (1)

1. May 17, 1867 Burlington Weekly Free Press Burlington, VT

Article from Burlington Weekly Free Press, May 17, 1867

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Article Text

New YORK, May 15. A special despatch from New Orleans yesterday, says there is great excitement there in financial circles caused by the closing of the U.S. sub-treasury, and 1st National Bank, by order of the Comptroller of Currency. Mr. Knox of the Treasury Department of Washington, has assumed the charge of the sub-treasury and has closed the bank. Heavy defalcations are already announced in both. L. Pillay, formerly subtressurer and President of the bank, made an assignment this morning of his effects to the extent of $1,250,000, to secure the government. The Banks held a large amount of paper of Gen. Herron, U.S. Marshal, but Mr Knox hopes to secure this out of Herron's distillery and plantation property. This excitement has caused a run on all the Banks and a very stringent money market. The Bank and Treasury have been surrounded by a crowd all day. The City national Bank suspended this evening. MOBILE, May 14. The Mayor and Common Council of Selma, Ala. were removed to-day by order of Gen. Swayne. The new officers appointed by tim were installed. DUBLIN, May 14--Eve. The death sentence of the Fenian prisoner Col. Burke, has been commuted to imprisonment for life at bard labor. BERLIN, May 14-Eve. The Crown Prince Frederick William, will leave for Paris during the present week, to attend the French Exposition. PARIS, May 14-Eve. Orders have been sent to the various military depots and headquarters throughout the Empire to disband the reserves which had recently been called into service. Luxemburg, May 14. The work of strengthening the fortifications of this city on which the garrison had for some time past been actively employed, has been discontinued by order of the Prussian commander at the post